CVS/pharmacy earns first-ever URAC Community Pharmacy accreditation

WOONSOCKET, R.I. and WASHINGTON — CVS/pharmacy and URAC have announced that CVS/pharmacy is the first pharmacy in the nation to earn the new Community Pharmacy accreditation from URAC, a healthcare accreditation organization that establishes quality standards for the healthcare industry. All CVS/pharmacy and Longs Drug Store locations nationwide have earned this accreditation.

URAC has more than 30 accreditation programs. Its Community Pharmacy Accreditation Program was developed to establish consistent benchmarks and standards for pharmacy practice quality. Organizations that earn URAC's Community Pharmacy Accreditation are recognized as providers of comprehensive patient care and medication management programs, and as leaders in quality and patient safety.

To achieve this accreditation, CVS/pharmacy underwent an evaluation process to validate the quality of the care and services it provides to its patients, including patient-centered medication management, wellness services, and preventive and chronic disease management.

"We are proud to be the first national pharmacy to earn URAC Community Pharmacy Accreditation," stated Josh Flum, SVP of retail pharmacy at CVS Caremark. "Having a widely recognized and respected accreditation organization such as URAC independently scrutinize our operation and attest to the quality of the pharmacy care and services we provide demonstrates our continued commitment to helping people on their path to better health as a leader in the healthcare industry."

"CVS/pharmacy is to be commended for its decision to pursue URAC's Community Pharmacy accreditation," added URAC president and CEO Kylanne Green. "Quality healthcare services are crucial to our nation's welfare and CVS Caremark has demonstrated its commitment to quality and accountability not only for this most recent accreditation program but also for the four pharmacy accreditations it has already received."

CVS/pharmacy is now accredited in five of URAC's accreditation programs for pharmacy: community pharmacy, PBM, drug therapy management, specialty pharmacy and mail service pharmacy.

Target names Brian Cornell chairman and CEO

MINNEAPOLIS — Retail and consumer products veteran Brian Cornell was named chairman and CEO at Target to fill 2-of-the-3 roles previously held by the company’s former top executive, Gregg Steinhafel.

Cornell will assume his new responsibilities at Target on August 12 after most recently serving as CEO of PepsiCo Americas Foods for two years. He brings a well-rounded background in retail and CPG to Target. Prior to PepsiCo, Cornell served as president and CEO of Walmart’s Sam’s Club division for roughly three years. He came to Sam’s Club after serving as CEO of Michaels Stores and also held the role of chief marketing officer at Safeway. Earlier in his career, Cornell held general management positions at PepsiCo, including president of Tropicana, president of PepsiCo beverages for Europe and Africa, and president of PepsiCo North America Foodservice.

In a brief statement announcing his appointment, Target said Cornell’s top priorities would be to accelerate the company’s performance and advance its omnichannel evolution.

“As we seek to aggressively move Target forward and establish the company as a top omnichannel retailer, we focused on identifying an extraordinary leader who could bring vision, focus and a wealth of experience to Target’s transformation,” said Roxanne S. Austin, the interim non-executive chair of the Target board who led the search for Steinhafel’s replacement. Steinhafel, who also held the title of president, stepped down in early May and his responsibilities were filled on an interim basis by CFO John Mulligan.

“The board is confident that Brian’s diverse and broad experience in retail and consumer products as well as his passion for leading high performing teams will propel Target forward.”

Cornell said he was honored and humbled to join Target as the first CEO hired from outside the company.

“I am committed to empowering this talented team to realize its full potential, lead change and strengthen the love guests have for this brand,” Cornell said. “As we create the Target of tomorrow, I will focus on our current business performance in both the U.S. and Canada and on how we accelerate our omnichannel transformation.”

McKesson’s Q1 up 37% to $44.1 billion

SAN FRANCISCO — McKesson on Thursday reported revenues of $44.1 billion for the first quarter ended June 30, up 37%.

“McKesson fiscal first quarter results represent a strong start to the year with solid execution across our business and particularly strong growth in our Distribution Solutions segment,” stated John Hammergren, chairman and CEO. “Based on the strength of our Distribution Solutions results in the first quarter and our confidence in the full year, we are raising our previous outlook and now expect adjusted earnings per diluted share from continuing operations of $10.50 to $10.90 for the fiscal year ending March 31, 2015.”

First-quarter adjusted earnings per diluted share from continuing operations was $2.49, up 18% compared to $2.11 a year ago.

Distribution Solutions revenues were $43.3 billion, up 38% for the quarter on a constant currency basis, mainly driven by the contribution from the acquisition of Celesio and market growth.

Specifically, North America pharmaceutical distribution and services revenues of $34.3 billion, which include results from U.S. Pharmaceutical, McKesson Canada and McKesson Specialty Health, were up 15% for the quarter on a constant currency basis, primarily reflecting market growth.

International pharmaceutical distribution and services revenues were $7.6 billion, an increase of 3% on the underlying results of Celesio, as reported, on a constant currency basis.

Medical-Surgical distribution and services revenues of $1.4 billion were up 2% for the quarter, driven by market growth.

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